5/23/2012 - Time to renovate? Don't forget about insurance
With housing conditions slowly but surely improving, many homeowners who were putting off fixing up their place are making those renovations this year, a new report suggests.
According to the Joint Center for Housing Studies at Harvard University, spending on remodeling projects in 2012 is expected to increase by as much as 6%. As a result, the Insurance Information Institute is reminding homeowners to ensure they get in touch with their home insurance provider to tell them about what they intend to update.
"If you plan to remodel your home, contact your insurance agent
, broker or company representative," said Jeanne Salvatore, spokesperson for the III. "You want to be sure that you have all of the necessary insurance coverages during and after the renovation."
She added that all too often, homeowners begin their renovations, only to find themselves significantly underinsured after the process has gotten underway.
Once the renovation is complete, III notes that homeowners should be sure to update their insurance package by speaking with their insurance agent, as they may need to purchase a different plan that more adequately suits their needs.